EFCC arraigns Man over alleged N208.3 Million theft in Lagos

The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arraigned one Iwunze Ikechukwu Favour on a one-count charge of stealing N208,384,000.

The arraignment took place on Thursday, July 31, 2025, before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja.

According to a statement from the EFCC, Iwunze is accused of converting a significant sum of money for his personal use.

The charge against him reads: “That you, Iwunze Ikechukwu Favour, sometime between January and December 2024, in Lagos, within the jurisdiction of this Honourable Court, with a dishonest intent, stole and converted to your own use the sum of N208,384,000.00 (Two Hundred and Eight Million, Three Hundred and Eighty-Four Thousand Naira), being value of several groceries and household items, property of Ogechi Okorie and G- Chinodan Ltd, thereby committed an offence stealing, contrary to and punishable under Sections 280 and 287 of the Criminal Law of Lagos State, 2015,”.

Iwunze pleaded “not guilty” to the charge. Following his plea, the prosecution counsel, A.A. Usman, “asked the court for a trial date and also prayed for the remand of the defendant in a correctional centre”.

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The defense counsel, N.M. Abraham, moved a pending bail application on behalf of the defendant.

Consequently, Justice Dada “granted the defendant bail in the sum of N10,000,000 (Ten Million Naira), with two sureties in like sum, one of whom must undertake that his account will be placed on lien”.

The judge also ordered that the defendant’s passport be deposited with the court registrar. Justice Dada adjourned the case till October 30, 2025 for the commencement of trial and also ordered the defendant to be remanded in a Correctional Centre” until the bail conditions are met.